Analyst: Bitcoin will not break $10,000 this year

Bitcoin analyst Tone Vays said in a video shared on YouTube that Bitcoin will not break through $10,000 this year.

In the video, he predicted that in the second half of this year, the price of Bitcoin will continue to hover between $6,000 and $10,000. Perhaps Bitcoin will rise above $10,000 for a short time, but it will fall back immediately.

According to Bitpush data, Bitcoin, the cryptocurrency with the highest market value, has been strong since the beginning of 2020, but the sudden outbreak of the COVID-19 pandemic has dealt a heavy blow to global assets. Although Bitcoin recovered quickly afterwards, it has been unable to break through the strong resistance level above $10,000 in the past two months.

Vays emphasized his previous predictions. He mentioned, "As I have been saying for months, there is no reason to abandon my prediction at the beginning of this year that Bitcoin will be between $6,000 and $10,000 for most of this year. Bitcoin has been above $9,000 for a long time, but if it falls back to $8,000 or $7,000, it doesn't mean anything."

He also expressed his bullish view on gold in the video. He said, "Even if the S&P 500 starts to fall, gold should rebound. Although they all collapsed at the beginning of the new crown crisis, now investors have time to think, and I believe that if the stock market will fall again, they will be interested in safe-haven assets. Therefore, I do think that gold has the potential to break through new historical highs."

He added that if gold and silver can reach new all-time highs, they could "rise significantly and exceed the $2,000 mark." He believes that once an asset breaks through its previous all-time high, its price tends to rise quickly. This will then lead to FOMO (fear of missing out), which will further push up the price of gold.

Many people have expressed their bullish views on gold recently. Robert Kiyosaki, author of Rich Dad, Poor Dad, said that assets such as gold are "real money" while the fiat currency printed by the Federal Reserve is "*****".

This month, Citigroup also raised its forecast for spot gold prices, calling it "long-term bullish" due to the "macro backdrop" of low interest rates and "general anxiety" caused by the COVID-19 pandemic.

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AuthorLiang Che

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